Mastering your company's tax obligations

At the start of a new year, if there is one thing we regularly hear from organisations new to GSM, is that “This year we want to be master of our company's tax obligations, not a slave to HMRC.”

Navigating the UK's complex tax environment with confidence is key. Yet, to do so requires comprehensive understanding of the tax landscape, coupled with proactive, effective planning, diligent record-keeping and of course the right firm to provide the right professional advice to enhance your financial decision-making.

To retain in your organisation's accounting arsenal the skill and expertise to ensure you'll be in receipt of that understanding, so you'll gain from the guidance given for preparing accurate returns, requires confirmation of compliance, with frequent communication of up-to-dates on legislation and taking appropriate steps to maximise your company's tax efficiency. Then the chosen firm can use their skillset to spot real opportunities borne out of complete comprehension of your organisation's financial position.

Some of these opportunities might emanate from the tasks we at GSM quite naturally undertake for our clients. For example…

• Identifying legitimate avenues for tax savings, to ensure your business retains more of its hard-earned income
• Exploring innovative ways to structure employee wages that benefit your team and your company's tax position
• Using meticulous record-keeping not only for compliance, efficiency, accuracy and a seamless audit trail, but also as a powerful tool for more informed decision-making
• Transforming the approach to that record-keeping with digital solutions, providing real-time insights that facilitate decision-making
• Leveraging available tax incentives to enhance your company's financial position
• Understanding the intricacies of R&D tax credits and confidently claiming benefits for your innovation
• Exploring ways to maximise deductible expenses and legitimately reduce your tax burden
• Implementing greater efficiency in VAT recovery, turning this into a powerful tool for increasing cash flow

So, in transforming from a tax compliance follower to a more strategic tax master involves proactive planning, leveraging incentives and staying ahead of the curve. With the right professional guidance, aligned with your business goals and sector dynamics, you can embrace tax planning to remain compliant and reduce your company's tax liability.

At GSM, we have a collaborative partnership with our clients, so you'll stay on top of your company's tax obligations and empower your business with best accounting practices, master the intricacies of UK tax and turn compliance into a tool for financial success. To hear more contact GSM today on 020 7935 3793